Fifth Third Bank Partners with AEO to Invest in Black Businesses through Capital Readiness Program

In partnership with Fifth Third Bank, the Association for Enterprise Opportunity (AEO) is promoting economic mobility in 10 predominantly Black neighborhoods through the Empowering Black Futures Capital Readiness Program. The initiative is part of Fifth Third’s larger Empowering Black Futures Neighborhood Program, a $180 million commitment to deliver comprehensive support in lending, investments and philanthropy in neighborhoods across the Bank’s retail banking footprint.

Focusing on neighborhoods that have historically experienced disinvestment, AEO selected two entrepreneurs from each neighborhood. The 20 participating entrepreneurs will work closely with AEO over the next several months to stabilize and grow their businesses. Each entrepreneur will complete Business Health Assessments, access personalized learning plans through AEO’s online learning platform, RESILI™, and receive trusted guidance with AEO’s network of small business coaches in an effort to strengthen key areas of the business that will better prepare them for additional growth capital. Additionally, the selected entrepreneurs will receive $5,300 in small business grant funding from Fifth Third’s Empowering Black Futures Initiative.

Atlanta’s Grove Park recipients are Prince Uduka of Conrad Shopping LLC and
Leah Hernandez of Young Authors Publishing. Conrad Shopping is a home supplies store. Young Authors Publishing is a children’s and young adult book publisher that exists to share the stories of Black & Brown children.

“Business ownership is a key driver of wealth in communities and through generations. I could not think of a better way to advance the broader mission of racial equity than to support wealth creation in communities that have historically experienced wealth extraction,” says Connie Evans, President and CEO of AEO. “By positioning Black-owned businesses to obtain capital and grow, we are empowering not just individual entrepreneurs, but entire communities to seize control of their own economic futures.”

“We are proud to provide capital readiness grants and technical assistance to minority-owned small businesses to help them grow and thrive,” said Randy Koporc, regional president for Fifth Third Bank Georgia. “We know that small businesses are the heart of communities, and these impact grants will provide tangible support to help strengthen key areas of their businesses and better prepare them for additional capital.”

The program is part of Fifth Third’s  $2.8 billion Accelerating Racial Equity, Equality and Inclusion Initiative providing $2.2 billion in lending, $500 million in investments, $60 million in financial accessibility and $40 million in philanthropy which encompasses the Empowering Black Futures Neighborhood Program. The initiative is focused on four strategic pillars to create more equitable outcomes for its customers and communities through strategic investments, access to capital, financial inclusion and education, and social justice and advocacy.

Other Empowering Black Futures Credit Readiness Program grant recipients include:

Deona Frierson

The Excellent Marriage

Historic West End – Charlotte, NC

Jorieka Downey

Grits CLT LLC

Historic West End – Charlotte, NC

Shika Myrickes

Shika & Company Extensions

South Chicago – Chicago, IL

Doreetha Wheatley

South Chicago Hub